Shiba Inu and Dogecoin Decline by 4% Each for the Second Day

Key Insights:

• Shiba Inu fell by over 14% in the last three days to trade at $0.00001015.
• Dogecoin, on the other hand, managed to keep above $0.06.
• The combined value of the meme tokens stood at $14.1 billion.

While both Bitcoin and Ethereum seemed to be treading below the $20k and $1.1k mark today, meme coins were not spared either.

Both Dogecoin and Shiba Inu, the leaders of meme tokens, hit with the bearishness and declined today, with Shiba Inu even losing its position as the thirteenth biggest cryptocurrency to Tron.

Shiba Inu Was First To Take the Shot

SHIB’s volatility has been keeping traders and investors confused as to where its trajectory could take the market.

After marking an almost complete recovery back at the end of June, SHIB had successfully undone the crash from the beginning of the month. However, at the time of writing, SHIB took another hit and plunged by 14.74%.

Not so surprisingly, the trend seems to be changing already for the meme coin, with the Parabolic SAR being the first evidence of the same.

The indicator’s white dots shifted their positions above the candlesticks. This highlights a downtrend that most of the other cryptocurrencies have still not outright exhibited the same.

The Relative Strength Index (RSI) here shows that since July 21, SHIB has been stuck around the neutral line at 50.0, with spiked noted in both directions but failing actually to take form.

This way, SHIB might not be able to keep from falling further below as the bearish pressure is only increasing on it.

Dogecoin Is Getting There Too

The Elon Musk propagated cryptocurrency has not been faring well either, with the meme coin also losing more than 14% in the span of 3 days. Trading at $0.06, DOGE is inching closer to fall to the same price level it was at when the June crash hit the market.

At the time of writing, most signs are exhibiting the beginning of a downtrend more than a bounce-off as the MACD indicator flipped the current trend to bearish after almost a month of keeping at bullish.

The signal line crossed over the MACD line to execute a bearish crossover, and the bars of the indicator flipped below the neutral line indicating bearishness.

There were some chances of recovery had DOGE reclaimed the 50-day Simple Moving Average (SMA) as support but missing it by a hair, it remained as resistance, pushing the price farther below.